Japan will not release additional oil reserves — Anadolu Agency

Japan does not plan to release additional oil from its strategic reserves following the G7 agreement on a coordinated release of 100 million barrels. Prime Minister Sanae Takaichi said that the country is already releasing resources from its reserves and therefore will not take new measures this time, Anadolu Agency reports.

Emergency G7 meeting

Takaichi's statement came after an emergency virtual G7 meeting held on October 2 amid a sharp increase in diesel fuel prices. According to her, participants discussed responses to diesel prices in Europe, the United States and other regions, including amid delays in the release of European strategic reserves.

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France, which holds the G7 presidency, convened the meeting on short notice and allowed representatives to participate on behalf of the leaders. Japan was represented by Endo, the G7 sherpa and deputy foreign minister, who was in the United States and directly coordinated the meeting.

Reserve release plan

A joint G7 statement said that the coordinated release of reserves through the International Energy Agency will begin immediately and last four months. Participants and partners are to make a substantial release of diesel fuel during the first 20 days. The G7 also agreed to coordinate refinery maintenance, temporarily increase their utilization where possible, and not impose restrictions on energy exports among the group's states.